Actually, no. And that is the beauty of it.
The actual balance is stored by the whole network, not on your physical computer. So by "sending" bitcoins, you don't really change their physical localization. It's just matter of complex mathematical computations.
By sending Bitcoins, you give somebody else the rights of ownership to the bitcoins, but they don't move themselves.
This all depends on the final legal status. Law is known to not care much about technical sense.
Do you expect a ruling on Sep 13 or will this only be the start of the lawsuit? |
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Go to sleep seeing huge bid walls around $7.50
Wake up and see them all taken out and coins below $7.40
Bidwalls count for squat. Someone is manipulating the markets.
Forget about the order book for anything longer term than minutes... and even that does not tell you a lot.
Experienced traders and those using bots know excatly that there are some less experienced out there who get caught in the belief that they know the direction when just looking at the order book.
There is no such thing as a free lunch. And only using the order book would almost be free... |
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Yes. Buying silver is a great idea, when it has fallen below 10$ in the next 1-3 years.
 cheers that's the funniest thing I've heard all day , nearly spilt my coffee |
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Apparently, one of my updates got eaten... Here it is again.
For Monday.
IQR: $7.53-10.45
Median range: $7.88-$10.00
The amount of resistance we would have to move through from the day's 'open' suggest to me it is unlikely that anything over $9.10 would be achieved today, but I would not expect the low to be below $7.80... If a decisive move beyond either of these limits happens then lookout... Lookout. This is why we are using some more flexible charting tools to predict BTCUSD. Rather than predicting each days range, we predict overall trends and price targets. |
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This week is another turn window for Gold (the last window did produce a decline, but only temporary).
So I will go short again around 1880-1920$. Stop loss for me is above 1950 $, but I don't think it will reach it.
I'm interested what happened with this short position, is S3052 around? And I haven't yet received a confirmation to our bet. We can also change it to 2 years 1200 gold/USD if it suits you better.
Here is the copy paste from my official trading account:
23/08/11 Gold Kassa - SELL 0.1 1884.49 1767.3
And, accepted the bet as well. |
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I take the challenge: 1 BTC bet
OK. Just accept some sensible limits to it (because otherwise I can never win  ) and the bet is on. If gold crosses 1000 USD/oz anytime within 5 year span, you win, otherwise I win. Because I don't want to wait 5 years, let's say if it crosses 10000 USD/oz first, I also win. Deal?  Deal |
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catching a falling knife can be dangerous in stocks and also in bitcoins
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This is interesting and could have a major impact on the future of bitcoins and of course also on bitcoin prices.
Two questions:
1) What is the issue to become an official bank for MtGox? (apart from the costs, which could be covered also by investors) Forget about anonymity for the moment as well.
2) If MtGox dows not (want to) become a bank, we could engage with one existing bank or broker (i.e. CMCmarkets, igmarkets, swissquote, etc) to allow bitcoin trading. If this would be accepted, how difficult would it be to integrate bitcoin into their trading software and systems?
Would anyone care to reply? thanks in advance |
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This is interesting and could have a major impact on the future of bitcoins and of course also on bitcoin prices.
Two questions:
1) What is the issue to become an official bank for MtGox? (apart from the costs, which could be covered also by investors) Forget about anonymity for the moment as well.
2) If MtGox dows not (want to) become a bank, we could engage with one existing bank or broker (i.e. CMCmarkets, igmarkets, swissquote, etc) to allow bitcoin trading. If this would be accepted, how difficult would it be to integrate bitcoin into their trading software and systems?
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The poll is reset again. What is your view?
Up?
Down?
Same?
Don't know?
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Technicals point down and there is quite some probability to see a crash-type decline before a more meaningful bottom can be put in place.
This crash can go down and slice below 7$, 5$ and even 2$, without endangering the longterm bitcoin trend.
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What you are projecting is a possibility, but remains our alternate forecast as long as we do not see a strong breakout above 12 $.
As long as this remains, we continue to expect lower prices. Often the markets do not need a reason for falling, they just fall upon its onw weight.
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It's not over yet. We haven't had capitulation yet (plenty of perma-bulls still calling for $100/btc by year end, no "all is lost" sentiment at all), but there is now a possibility of that in the next 2-3 months.
After that is over -- who knows. There's still long term upside potential, especially if the algorithm changes from sha-1 to a memory-intensive algorithm + sha-1 and opens the bitcoin ecosystem participation to the general public again.
If it becomes a small club of FGPA and ASIC hardware owners as the entire bitcoin community IMO the odds of mass adoption go to zero.
+1
Agree with you. Most often those longer term downtrends like the down we have seen since June 2011 end with a capitulation "crash".
We probably need to see this in BTCUSD before we make significant progress on the upside. |
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Umm, Intersango has a a 30 day volume of 223 BTC. The trade price over there is completely irrelevant. It's meaningless. Just because one guy decides to pay $10 for a Bitcoin on an obscure exchange doesn't mean Bitcoins are worth $10.
correct. Forget about bitcoin trading volumes less than a couple of thousand btc per day. It is completely irrelevant. |
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thanks. I did not come across this one yet.
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This is not directly related to bitcoin trading and bitcoin chart analysis, but can have a big impact on bitcoin prices:
check this out.
http://bit.ly/nXcRYg
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I agree that the main thing causing lack of growth of bitcoin is that it is just a geeky pain in the ass not geared towards the common person and the common person would not even understand a need / use for it except maybe for two things right now:
#1 silk road
College kids find out about silk road, which only takes bitcoin, which leads them to find out about bitcoin and want to buy stuff. It is ridiculous but this is probably the number one thing holding the bitcoin to any real value right now because why in the hell would you go through all the hoops and hassles for anything else? Wire money to some strange internet company you no nothing about to get a weird intermediate currency / commodity to buy what? Overpriced socks and bad dry and canned food? Why not just BUY the stuff with your currency.
2 - gambling sites
People love gambling and bitcoin is perfect for this - we haven't seen any major sites embrace it but little ones have popped up. So you can actually play poker online for real money, but it's still a pain in the ass for the average joe.
All other bitcoin value right now (which I guess would be the #3 thing pegging it to any value) is based on speculation from miners and computer geeks and some investors / traders buying and selling - or a few people trying to move money around without being taxed / noticed. There are some exeptions with the very very few trendy places in NYC and a few other tech hubs in the world that actually have real places that accept bitcoins fpr tangible things like food and items without markups - but again the question begs - why would you use bitcoins there if you are a REGULAR person? You wouldn't, because you would just use your normal currency. The people spending bitcoins at these places right now are miners who are feeling cool that they got lunch out of letting their gpus run.
I have tried to spread bitcoin and the idea of it to non tech friends and it's a hard sell - unless they are a stoner and you tell them about silk road, then they are motivated.
There needs to be the SAME level of motivation for the average joe and it needs to be easy and greatly improved - the client, the wallet issues, backing them up securely - this all needs to be in a nice friendly app / gui for dummies - otherwise this is going to remain a technotoy currency for hobbyists, despite its lofty ideas. Average people don't want to hear about keys and encryption, it makes them run away, this needs to be built in to the client with backup built in and "and idiots guide" book pdf with the client or app.
The easiest / fastest way to get bitcoins so far is exchB by far (for U.S,). You deposit cash, you get your money on account very fast - BUT - this is STILL too complex for the average joe... he wants to go to a place like a bank and just hand money over and get the bitcoins and buy his stuff on silk road or play his poker or send his money to friends in a third world country. Average joe wants to buy some bitcoins right now and hand over the money and have the coins - average joe is not a stock market person and doesn't understand that now he has to put in a 'bid' order... "what's that?" says average joe? screw this and just uses his cash.
Bitcoin atms, and direct buy bitcoins at current price instantly needs to happen and sell in both directions easily and not on some IRC channel which is again, for geeks. Mom doesn't know what an IRC channel is. Mom knows what ebay is. If mom is really hip, mom might know what paypal is. That's as far as it goes.
The above two companies control the internet trading grid along with amazon, and for bitcoin to break through that grid it needs to be as easy, but of course, banks and ebay and paypal will see this as a threat - so it's hard to do anything direct credit card or paypal to bitcoin OFFICIALLY because it's a chargeback nightmare - but the deposit cash into an atm and get bitcoins might work.
Then there needs to be some more positive national TV coverage, and it just might work.. currently, it's geek hobby at best and only exists because of the above and miners spending and selling.
When the regular people want in, and have reason, and the massive layer of middlemen curs down, it could go through the roof. This is not currently happening though.
- Blackout
+1. Well written and so true. By the way, to the point that we need more positive media coverage: We are starting a PR campaign soon (see thread from piper). |
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I agree with chodpaba.
Transparency in the order book is not the issue.
It is the overall professionalism and proactivity of the big exchanges that is not (yet) keeping up with the development.
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